DENVER — Stockholders of the WhiteWave Foods Co. have approved a proposed agreement under which Danone S.A. will acquire all outstanding shares of WhiteWave. The deal, first announced in July, is valued at approximately $12.5 billion and includes debt and other obligations. Stockholders also approved other proposals relating to the merger agreement.
Based in Denver, WhiteWave Foods is an international competitor in the plant-based, organic dairy and organic produce categories. The company owns such brands as Silk, So Delicious, Horizon Organic, Earthbound Farm and Alpro. The company generated approximately $4 billion in sales during fiscal 2015.
During a special stockholder meeting on Oct. 4, holders of approximately 99% of WhiteWave shares, representing approximately 78% of WhiteWave’s total outstanding shares, voted in favor of the agreement.
|Gregg Engles, chairman and c.e.o. of WhiteWave|
“Today’s vote brings us one step closer to combining two strong, values-based, purpose-driven companies,” said Gregg Engles, chairman and chief executive officer of WhiteWave Foods. “We are grateful for the continued enthusiasm and support of the transaction by our stockholders. We believe that WhiteWave’s mission to change the way the world eats for the better dovetails nicely with Danone’s mission to bring health through food to as many people as possible. Danone is the ideal strategic partner to support our future and we remain excited about the opportunities this combination will create for WhiteWave’s employees, customers, vendors and partners.”
Upon completion of the deal, WhiteWave stockholders will receive $56.25 in cash for each share of common stock. The acquisition remains subject to customary conditions and regulatory approvals. WhiteWave and Paris-based Danone have been working with the European Commission and U.S. Department of Justice to satisfy conditions and continue to expect closing of the transaction by the end of 2016.